The deal is being led by some of the biggest names in M&A in London, with the likes of Goldman Sachs, Morgan Stanley, and Evercore all landing roles.
, already knew Blackstone from having worked with the firm at Goldman.
Still, Brand came away with an overall positive impression of Schwimmer. Based on conference calls and other communications, Schwimmer struck Brand as smart, humble and strategic.LSE's $27 billion bid for Refinitiv highlights how hungry exchanges are for data. Industry insiders say FactSet could be the next target.
Within the office, Refinitiv camped out on its sixth floor, while LSE took the fifth. Law firm Simpson Thacher & Bartlett, which represented Refinitiv, and Freshfields, which represented LSE, drafted up paperwork as negotiations neared the finish line.Jane Gladstone, a top M&A banker at Evercore, had flown in from New York overnight after news of the deal talks hit the press Friday.
Also there was Canonaco, the banker who introduced Refinitiv to Blackstone who also had a big reason to see the deal to fruition: He, along with his colleague James Simpson who co-founded boutique Canson Capital Partners, had not just advised Refinitiv, but alsoOn LSE's side, there was general counsel Catherine Johnson who was on-scene, as well as Paul Carter, group head of corporate development.
One person involved said that both sides were"equally unhappy and equally happy" and described the final terms as"hard-negotiated." However, Blackstone and minority investors agreed to a lock-up period of two years, after which they will be progressively allowed to sell their stakes over a three-year period.
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